Airtel Shares Surge By N263.1bn In 24 Hours
The Shares of Airtel Africa Communication rose astronomically within 24 hours on the floor of the Nigerian Stock Exchange (NSE) on Tuesday, as it gained N263.1bn, indicating a 7.60 per cent surge.
The market capitalisation opened at N3.194 trillion but leapt by N263.1bn at the end of the day’s trading activities to close at N3.457 trillion.
Airtel shares traded at N855 per share at 335,905 units of shares on Monday but rose to N920 per share selling 1,333,859 units of shares. This indicates that it grew at 7.60 and 297.1 per cent increase in value and volume of shares respectively.
Check by insideBusinessNG shows that the shares of Airtel had been hovering around between N850 – N851.80 in the last seven days of trading until it surged to N920 Tuesday on the NSE.
Although the telecom giant is yet to release its Q3 or Q4, 2020 financial report, recent activities of the company may have impacted the growth of its shares.
At the twilight of 2020, Airtel formally announced the issuance of a National Telecom Operator Licence to its subsidiary Airtel Uganda Limited (“Airtel Uganda”) after negotiation and transiting to a new Licensing Regime. According to Airtel, the new licence would be for a period of 20 years.
Airtel is number two on the ladder of subscribers in Nigeria, with 57, 231, 523, representing 27.58 per cent of the market share.
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